Titanium Adopts Incentive Compensation Plans and Grants Restricted Share Units
17 12월 2013 - 3:16AM
Marketwired
Titanium Adopts Incentive Compensation Plans and Grants Restricted
Share Units
CALGARY, ALBERTA--(Marketwired - Dec 16, 2013) - Titanium
Corporation Inc. (TSX-VENTURE:TIC) ("Titanium" or the "Company")
announced that the Board of Directors has adopted a deferred share
unit plan (the "DSU Plan") and restricted share unit plan (the "RSU
Plan") for the purposes of reducing the cash expense of
compensating its directors and officers and promoting greater
alignment of interests between the Company's shareholders and
directors and management and of the Company.
Deferred Share Unit Plan
The DSU Plan provides that the Company's non-executive directors
may receive, at the discretion of the Board of Directors, a portion
of their director compensation in DSUs. Under the DSU plan,
deferred share units ("DSUs") will be priced at the greater of the
five day volume weighted average price of the common shares of the
Company over the last five trading days preceding the grant, and
the closing price of the common shares of the Company ("Common
Shares") on the last trading day preceding the grant. DSUs will be
settled by way of issuance of Common Shares when the director
retires from all positions with the Company. The DSU Plan is
subject to the approval of the TSX Venture Exchange and the
Company's shareholders at the next annual meeting.
On April 29, 2013, the Board of Directors approved the grant of
$50,000 in deferred share units (the "Cash DSUs"), or 55,555 Cash
DSUs, to each non-executive director, and on November 12, 2013,
$1,250 in Cash DSUs, or 2,444 Cash DSUs, were granted to each
non-executive director for the first quarter of 2014. The Cash DSUs
were priced at the closing price of the Company's common shares on
April 29, 2013 and November 29, 2013, respectively. These Cash DSUs
were to be settled in cash when the director retires from all
positions with the Company. Subject to the approval of the TSX
Venture Exchange and the Company's shareholders at the next annual
meeting, it is proposed that the Cash DSUs will be amended to be
settled in Common Shares pursuant to the DSU Plan.
Restricted Share Unit Plan
The RSU Plan provides that the Company may award RSUs to
executive officers and key employees in lieu of a portion of such
participant's compensation. RSUs will be priced at the greater of
the five day volume weighted average price of the Common Shares
over the last five trading days preceding the award, and the
closing price of the Common Shares on the last trading day
preceding the award. Vesting of the RSUs is subject to the
discretion of the Board of Directors. Vested RSUs will be settled
by way of issuance of Common Shares within thirty (30) days
following each vesting date. The RSU Plan is subject to the
approval of the TSX Venture Exchange and the Company's shareholders
at the next annual meeting.
Additionally, the Company announced that it has granted an
aggregate of $122,812 of restricted share units of the Company
("RSUs"), or an aggregate of 245,624 RSUs to certain key executive
officers of the Company under the RSU Plan as payment of cash
compensation owing to certain officers. The RSUs were priced at the
closing price of the Company's common shares on December 13, 2013,
being the last trading day preceding the grant. Vesting of the RSUs
is subject to the approval of the TSX Venture Exchange and the
Company's shareholders at the next annual meeting. If such
approvals are not obtained, then the compensation owing to such
officers will be paid in cash.
About Titanium
Corporation Inc.
Titanium Corporation Inc. is commercializing proprietary
technology to recover heavy minerals and residual bitumen and
solvents contained in the waste tailings streams from oil sands
mining operations near Fort McMurray, Alberta. This technology has
the potential to deliver incremental revenue to existing oil sands
producers by enhancing bitumen recovery while developing the first
ever commercial production of valuable minerals from Canada's oil
sands and reducing environmental impacts of oil sands tailing. The
combined benefits of the Company's technology would enhance the
value and reputation of oil sands resources. The Company's shares
trade on the TSX-V under the symbol "TIC". For more information
visit the Company's website at
www.titaniumcorporation.com.
Disclosure
regarding forward-looking statements
This press release contains forward looking statements. More
particularly, this press release contains statements concerning the
anticipated form of settlement of the DSUs, the RSUs and the
approval of each of the DSU Plan and the RSU Plan by shareholders
of Titanium. Although the Company believes that the expectations
reflected in these forward looking statements are reasonable, undue
reliance should not be placed on them because the Company can give
no assurance that they will prove to be correct. Since forward
looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties. The
annual and special meeting of shareholders may be delayed.
Shareholders may not approve the DSU Plan and/or the RSU Plan.
Accordingly, there is a risk that neither the DSUs nor RSUs will be
settled in Common Shares.
The forward looking statements contained in this press
release are made as of the date hereof and the Company undertakes
no obligation to update publicly or revise any forward looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Titanium Corporation Inc.Scott NelsonPresident & CEO(403)
561-0439snelson@titaniumcorporation.comTitanium Corporation
Inc.Andreas CurkovicInvestor Relations(416)
577-9927acurkovic@titaniumcorporation.com
Titanium (TSXV:TIC)
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